SOUTH African Druggists (SAD) said on Tuesday it had received a conditional offer for its pharmaceutical businesses from a joint venture company owned by Aspen Healthcare. In a separate statement, Aspen and South Africa’s Macmed Health Care said they have formed a new joint venture company and submitted an offer to SAD, which includes a bid for SAD’s offshore operations. Shareholders in all three companies were advised to exercise caution in their dealings. No further details on the offer were given.